I got the exact same model for 160AU$ (~97 pounds). 120 sounds a bit dear..

As far as image quality goes, compared to my old TFT, it was like night and day. Being an IPS, it has really great contrast and colour reproduction. The darks are darker and colours pop out more. I have yet to see any ghosting on it, but I don't play twitchy FPSes either, so I can't say much about it.

There may be better ones out there, with better response time etc, but for the price, the LG is a gem.

As been mentioned, the stand is a bit wobbly, but I don't often bang on my desk, so I rarely see it happen